Visa Settles with Retailers for Billions

Visa, U.S. Retailers Resolve Claims in the Federal Multi-District Interchange Litigation (via PR Newswire)

SAN FRANCISCO, July 13, 2012 /PRNewswire/ -- Visa (NYSE: V), MasterCard and U.S. financial institution defendants have signed a memorandum of understanding to enter into a settlement agreement to resolve the Class Plaintiffs' claims in the multi-district interchange litigation (MDL). The claims originally…

Visa & MasterCard Agree to Largest Antitrust Settlement Ever?

$7.25 BILLION
By MarketWatch

SAN FRANCISCO (MarketWatch) -- Visa Inc., MasterCard Inc. and banks that issue their credit cards have agreed to a $7.25 billion settlement with U.S. retailers in what could be the largest antitrust settlement in U.S. history, according to Reuters. The settlement would resolve a lawsuit over the fixing of credit and debit card fees filed by retailers in 2005, Reuters and other media outlets reported after the settlement papers were filed Friday in a federal court in Brooklyn. A judge must approve the settlement. 

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NFC: Near Field Communications - The Next Big Deal

Web 5 new results for "Near Field Communications"

NFC: Near Field Communications - The Next Big Deal ... This article is a brief introduction to something you'll be seeing in mobile devices in a few ... johnpamplin.com/.../nfc-near-field-communications-the-next-...

Near Field Communications Payments Report, 201213 NFC ... NFC, short for Near Field Communications, is a technology standard and communications protocol. It specifies and enables devices to communicate without any ... https://nfcip.org/.../near-field-communications-payments-repor...

Near-field communications (NFC) | Open Development Cambodia Near-field communications (NFC) technology will be the next addition to WING's mobile platform to be used for smaller payments, such as purchasing a cup of ... www.opendevelopmentcambodia.net/.../near-field-communica...

Near Field Communications Payments Report, 201213 The ... - NFC Near Field Communications Payments Report, 2012-13 | The M2M … By The M2M Daily July 7, 2012 – The $1.7 Billion M2M Software Market Sees Developers ... https://nfcip.org/.../near-field-communications-payments-repor...

product development management | NFC Near Field ... Articles tagged with 'Product Development Management' at NFC Near Field Communications. ... NFC Near Field Communications. Home · Attendees ... www.nfcsymposium.com/.../product-development-manageme...

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16 "Mobile Payment" News Stories for July 14

News 12 new results for "Mobile Payment"

How Local Businesses And Passbook Could Deliver An iWallet That Beats Any ... Cult of Mac Mobile payment technologies have an interesting and complicated relationship with local businesses. On the one hand, local mom-and-pop restaurants, shops, and services are probably the companies that you'd expect to adopt new payment technologies ... See all stories on this topic »

Square threatens legal action against mPowa SlashGear Mobile payment leader Square has issued a cease and desist letter to mPowa, one of the newest players in the emerging market of turning smartphones and tablets into portable credit card terminals. But the details aren't exactly what you'd expect ... See all stories on this topic »

Apple Unveils the Latest iPhone 5 Power: Mobile Payments through the iPhone Caribbean Media Vision This great news of an NFC-based mobile payment system broke into the consciousness of the world after Apple has announced that the new iOS 6 will have the e-wallet application which will allow its users to store electronic versions of their important ... See all stories on this topic »

PayToo's new mobile wallet helps consumers build, repair their credit Mobile Payments Today Mobile payments has been touted for some time as a way for the unbanked to participate in electronic commerce. That's all well and good for those who are "cash preferred," but it doesn't do anything for people hoping to use mobile payments to help. See all stories on this topic »

Mobile Commerce And The Future Of Affiliate Marketing Marketing Land (via eMarketer); Worldwide mobile payment transactions will surpass $171.5 billion in 2012, up 62 percent from $106 million in 2011. (via Gartner); 85 percent of merchants say mobile commerce is a focus in 2012, up from 68 percent in 2011. (via The ... See all stories on this topic » Marketing Land

Panelists focus on simplicity, security in meeting of mobile payments minds Silicon Prairie News He noted that plenty of mobile payment technologies don't provide significantly greater value than their predecessors — for instance, he said, using NFC to pay is very similar to the experience of paying with a card. "What I think it will take for ... See all stories on this topic » Silicon Prairie News

Ron Carter and Louise Thompson Join Proxama RFPConnect.com ... Consolidates And Reports Globally With Tagetik 13 Jul 2012; MasterCard Europe and PrePay Solutions to offer a unique end-to-end prepaid mobile payment platform 13 Jul 2012; NICE to Discuss How to Optimally Leverage Inbound Interactions for Greater ... See all stories on this topic » RFPConnect.com

Ron Paul, Mitt Romney and Barack Obama Will Raise Campaign Money ... PolicyMic Mobile payment application "Pay with Square" has announced a feature that will help political campaigns and organizations to raise money through an iPhone, iPad and Android app. See all stories on this topic » PolicyMic

Fifty Shades of Grey driving Kindle sales? Mobile Entertainment OPINION: Consumers must overcome their mobile payment fears. Jason Carey, founder of SwipePay, explains why mobile wallets are actually more secure than what's gone before. Police Tape app lets users secretly record the police. Developed by US civil ... See all stories on this topic » Mobile Entertainment

Marketing Biz: Twitter's Pitch, Vevo's Warning & Bitly's Disrespect Marketing Land This represents a 76% increase from 19.3% who said they had made a mobile payment a year ago. Among those who have made a mobile payment, PayPal Mobile (56%) counts as the most popular service. Another survey that points to the acceleration of ... See all stories on this topic » Marketing Land

iPhone 5 rumor rollup for the week ending July 13 PC Advisor She quotes Apple's worldwide marketing chief, Phil Schiller, who said in a recent interview that digital-wallet/mobile-payment services are "all fighting over their piece of the pie, and we aren't doing that." iPhone 5 will be announced Tuesday, Aug. 7 ... See all stories on this topic »

3 Stocks Poised To Move Higher Next Week And 2 To Avoid Seeking Alpha PayPal's mobile payments service is the key to eBay's growth. eBay's mobile payment business has exploded from a few hundred million dollar business in 2009 to a $7 billion business in 2012. Only a small percentage of smart phone users currently use ... See all stories on this topic »

Blogs 2 new results for "Mobile Payment"

Today In APIs : Scandit, StoryTeller, Photo Hack Day 3 and 18 New ... By Romin Irani PingPing API: PingPing is a mobile payment system that allows users to purchase products and services with their mobile phones. The PingPing API allows users to add a PingPing payment button to merchant websites. The API enables 1 ... ProgrammableWeb

Vigil@nce: Linux kernel, denial of service via - Global Security Mag ... By Vigil@nce ... leading vendors will meet, network and discuss for the second time in Beijing, to address the industrial and technical hot topics, panel-talk on trends and prospects of global and Chinese markets, such as EMV IC Card and mobile payment ... Global Security Mag Online

Web 2 new results for "Mobile Payment"

Starbucks spurs mobile payment growth with app ... - Mobile Marketer Mobile Commerce Daily today - Starbucks spurs mobile payment growth with app extensions; Walgreens flexes mobile muscles, enables third-party ... www.mobilemarketer.com/cms/news/commerce/13291.html

The-mobile-payment-rollercoaster-is-picking-up-speed Growth is predicted to top $1 trillion by the end of 2015. Apple is near the core of this surge, but they're also a major factor in the fractured near future. prepaidevolution.com/.../the-mobile-payment-rollercoaster-is-...

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How NFC Hackers Could Ruin the Olympics

News 3 new results for NFC Mobile Payment

How Hackers Could Ruin the Olympics Mobiledia Hackers are capable of ripping off people using NFC technology during the Olympics, which may destroy mobile payment's credibility and leave medal winners broke. See all stories on this topic » Mobiledia

Parrot reveals first NFC-enabled headphones NFCNews (blog) Wireless device manufacturer Parrot has unveiled a pair of NFC-enabled wireless headphones. ... China Mobile, China UnionPay join forces for mobile payments. China Mobile and China UnionPay have signed an agreement to jointly develop an array of ... See all stories on this topic »

iPhone 5 Release Date Rumors & News: Apple Holding Back On NFC Payments? The APPera Many have been speculating that Apple would include NFC payments with iPhone 5, but at their iOS 6 event, Apple instead rolled out a feature called Passbook. ... iPhone 5 Release Date Rumors & News: Apple Holding Back On NFC Payments? July 13th, 2012 ... See all stories on this topic »

NFC Data's Padloc Provides a Patented Mobile Authentication Platform via a Virtual SIM

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Proxama Announces New Appointments

News 1 new result for NFC Mobile Payment

NFC provider Proxama announces new appointments telecomlead.com "Having been client-side, I was always impressed by the expertise, knowledge and ability to deliver that Proxama demonstrated time after time. The NFC mobile payments industry is growing fast and this role gives me a great opportunity to play a real ... See all stories on this topic » telecomlead.com

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What the Electronic Payments Coalition Says About the Interchange Fee Settlement

July 13, 2012 05:47 PM Eastern Daylight Time 

Electronic Payments Coalition Issues Statement on Interchange Fee Settlement

WASHINGTON--(BUSINESS WIRE)--Today, the U.S. District Court for the Eastern District of New York announced that a settlement was reached in the long-running legal dispute between retailers, payment networks and nine major card issuers over interchange fees and rules.

“All parties have endorsed this agreement. The legal process worked and should send a signal to Congress that it is wrong to pick winners and losers in a complex dispute between two industries.”

The Electronic Payments Coalition issued the following statement:

“The long political conflict over interchange fees is finally over, settled by a well-established legal process, which brought together retailers and the card industry for a negotiated resolution. After years of mediation, dozens of meetings, and millions of pages of evidence, the parties involved have willingly agreed to settle their dispute.

“As part of the settlement, retailers negotiated the ability to charge their customers a checkout fee (merchant surcharge) at the register. Historically, banning surcharging has been an important safeguard, and it remains illegal in ten states. To the extent that retailers do assess checkout fees, we are pleased that the settlement includes important safeguards that will help to curb any abusive or excess checkout fees at the register.

“The deliberate and measured approach of the settlement process is in stark contrast to that of the Durbin amendment, which was passed in the dark of night with no review of its consequences and virtually no public debate. These government price controls shifted $8 billion from banks to the retailers, with no evidence that consumers are seeing lower prices as a result.

“All parties have endorsed this agreement. The legal process worked and should send a signal to Congress that it is wrong to pick winners and losers in a complex dispute between two industries.”

More information is available at http://www.electronicpaymentscoalition.org/settlement.

About the Electronic Payments Coalition

The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers and the media on the system’s role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.

Contacts

Electronic Payments Coalition (EPC)
Trish Wexler, 202-288-1238
trish@electronicpaymentscoalition.org

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